Banks have enough liquidity, says UAE central bank

The governor of the UAE central bank says the banking system has enough liquidity to meet the country’s economic needs, according to a report by Bloomberg.

“The situation of liquidity and deposits in the banking system is normal and compatible with the economy and its needs at the moment,” Sultan bin Nasser al-Suwaidi was quoted as saying by the newswire. “The banks lend when there is demand, when there are big projects that require a lot of financing.”

Executives such as Michael Tomalin, chief executive officer at National Bank of Abu Dhabi, have called for a reduction in the cost of borrowing in the UAE, it was reported.